Liberty, BOQ, Resimac tap fixed income investors
Diversified non-bank lender Liberty Financial priced its fifth senior unsecured medium term note issue yesterday. "Each of our MTN issues has been used to fund the origination of new loan receivables," Peter Riedel, Liberty's chief financial officer said.This newest issue of floating rate notes will raise A$200 million at 2.6 per cent over the 3-month BBSW, redeemable in 3.5 years. The transaction will settle on 6 September 2019.This was Liberty's second FRN issue this year, and improved on its initial FRN in February, which was issued for three years, at a rate of 3.25 over BBSW. At the time, Liberty said the issue had attracted participation from a new pool of investors that it hadn't previously accessed. Since the establishment of its medium term note program in 2015 Liberty's issuance has surpassed $1 billion. National Australia Bank and Westpac Institutional Bank, joint lead managers in the first four transactions, were joined by Deutsche Bank for this week's effort.Also tapping fixed interest investors were Bank of Queensland and Resimac, raising about A$1 billion apiece via prime mortgage securitisations. BOQ's first securitisation of prime mortgages for the 2019 calendar year was structured to raise A$947 million via its A and AB note issues, both rated AAA (sf) by S&P.Non-bank lender Resimac was also in the market over recent days with a more complex offering. Its lead managers have been marketing a carefully structured mix of Australian- and US-dollar denominated tranches, with all bar A$25 million in funding achieved through the five tranches of A and AB notes. These were all rated AAA(sf) by Standard and Poor's.